With so much attention focused on the Olympics and the Presidential election lies in the most financial. Crisis of our times. A financial crisis so severe 99% of all Americans will be financially devastated. Not experienced the Great depression of the 1930 's something warnings about the impending financial catastrophe, no one is even paying the slightest attention to the earthquake of economic doom. Not one presidential candidate or the media has even bothered to alert the public about a disaster of Titanic proportions unfolding right under our feet.
We have to go back to January of this year when in a new year US stocks dropped by more than 12% losing over $ 3 trillion in value. What is happening is our whole financial system is now just a house of cards where the one of tiny cross breeze of inflation would send that whole house of cards tumbling down and with it wiping our practically everyone & # 39 Your credit or debit card will not work because the banks have already frozen your account. And, what little cash you have on A real imminent full blown financial crisis will soon be at our front door.
They are holding over $ 733 billion in credit card debt. They hold over $ 1 trillion in auto loan debt. This while they student loan debt has reached over $ 1.4 trillion with more than 12% of these loans are in default or over than 90 days. All this debt is strangling the life blood of our whole economy.
While waiting there is a good news if you happen to be in the 1%. Your net worth just keep growing by leaps and bounds. While the 1% dine on caviar and champagne the rest of us eat hot dogs and stale beer. Without a growing economy or having the "Williams Theory of Economic Evolution being fulfilled there is no possible way for the United States to ever be can to pay back all Thus, the typical household has even farted Too many are trapped into a cycle of having to rob Pa to to pay Paul just to make it through one more day There are a lot of people out there who know deep down that something & # 39 ; s not r ight in America.
The government of the monumental credit and debt crisis facing the United States. The government has to keep borrowing just to keep meeting it & # 39; s expenses Yet, we still have our politicians offering band aid fixes to a monumental hemorrhaging society. With all this debt from our our Between $ 958 billion to $ 1.5 trillion changes hands in the US every month. People buy milk, pay babysitters. They pay Consumer spending alone is $ 11.2 trillion annually. But here & # 39; s the thing there & # 39; s only $ 1.2 trillion worth of actual dollars - physical money in the whole world. much of That is actually here in the US Estimates are that in the overseas bank accounts or held by foreign governments, and a lot of what is left in the states is called "dead money." It & # 39 Corporate America is by far the worst offender in hedging cash. Think back to those QE 1 and 2 bailouts to the financial sector. Instead of dolling out readily available cash to the public all they did was hoard it an let the public use credit to finance their daily expenses. It was was recently that banks have put caps on all cash withdrawals. And you can see see there really is a cash shortage.
Since 1970s, the credit system in America Credit, not real money, is what people spend. Since 1971, the real money has been taken out of the system. Credit is what we And now 'more than two times the value of every single US I do not want to have a physical dollar, the one with George Washington. It does not matter It is disappear before you spend it, because at credit it is another ball game entirely. some point all that credit can only exist if people believe they & # 39; l p get back, that It is not they in believe there & # 39; s enough money in America to pay back that all $ 60 trillion in outstanding credit. The credit system is insolvent. And when it fails, which which certainly will do, it could wipe out more wealth than any other crisis in history.
Today, our during the financial crisis of 2008 over $ 10 trillion vanished. This next crisis will wipe out six times that amount. Today, our Paychecks do not go out. This credit crash not only destroys the mechanism that whole credit. on the chain of production through on credit. Just imagine what happens as lenders try to redeem $ 60 trillion worth of credit and there & # 39; s only $ 250 billion to go around. You go to your ATM; you Supports you have a $ 10,000 line of credit on your card. Dollars become ultra scarce. Prices skyrocket. Banks go under. In The next time crisis watch out. fact, it would only take about three hours for our entire country to shut down.
The start of this endangering disaster will be more than than open mouth rhetoric by our politicians. The implications of The address is this urgent crisis will have global war. in the likelihood would send humanity back into the caves of the Neanderthal. The need is appropriate and urgent action is required. National Economic Reform & # 39; s Ten Articles of Confederation.
